It's a sand bar with a bunch of post office box company registries and some banks. I hear there is also good snorkeling.
Just FYI, to be in the global one percent you need an income of $32,400 per year
Around 70 million people are earning more than $50,000 per year in the US.
Western Europe, Canada, Australia, Japan, South Korea, China, etc. combined also have a very large number of people similarly over that line.
Your figure probably needs to be 100% higher.
Here's a source that uses that $34k figure: https://www.investopedia.com/articles/personal-finance/05061...
The often quoted lower median figure, in the $30,000s ($34,000x for 2019; it was ~$33,700 for 2018), is the median income for all US workers, including people working relatively few hours.
Being conservative, the US has at least 60x million people making $50,000 or more per year. That's ignoring anything that doesn't show up in the BLS numbers.
Now consider how massive the rest of the global economy is and the tens of millions of people in dozens of other countries with high incomes. The US all by itself eliminates the possibility of $34,000 being the 1% line.
With the strict US median at the $34,000 line, that's ~78 million workers at or above that level. Again, that's for one country.
China has a very large number of people earning around the US median now, due to their scale. They add tens of millions of more people to the over $34k group. Then include Western Europe, they add tens of millions more. And so on.
The government's budget is also balanced without passive taxation of this sector.
Most jurisdictions, whether they are other island nations or a state in the US are not competent in any of these regards and this has utility on this planet.
It would be an understatement for me to just point out how much I don't care how uncompetitive other nations are in this regard, and I also don't care about the challenges for them to become competitive.
They seem to have missed the memo :D
I feel like if I had said the Caymans was incompetent I feel the replies whether from you or others would have said “well of course they are” but anyway their regulators and public servants are often US educated at prestigious universities
as if races to the bottom are challenging
>this has utility on this planet
The only utility the Caymans serve is unfettered human greed.